Dubai Investments unit unveils new real estate projects

Dubai Investments Real Estate Company, the real estate arm of Dubai Investments, on Monday announced that it has started working on new residential and commercial projects in Dubai.

The new projects in Mirdif, Meydan and Jumeirah follow the company's RITAJ project, the residential complex located in Dubai Investments Park.

The company said in a statement that it has sold or leased most of the residential units within RITAJ, which comprises over 2,000 apartments in 11 blocks spread across 2,580,000 square feet.

Obaid Al Salami, general manager of DIRC, said: “Our projects are coming up at Meydan – one of the world’s most exciting destinations; Mirdif – one of the most sought-after residential neighbourhoods; and Jumeirah Village – the idyllic development in Jumeirah.

"The projects stem from the fact that investor buoyancy is back in Dubai’s residential sector, which has maintained positive momentum amidst solid market fundamentals and steady economic growth.”

He added: “The success of RITAJ is a reflection of the tremendous confidence and trust in our construction and delivery standards. As a step further in this direction, we are happy to announce details about our forthcoming projects at strategic locations within Dubai.”

He did not give any further details about the new projects planned.

A recent study by Standard Chartered Bank revealed that prices for purchases have rocketed 38 per cent for apartments in Dubai, and 24 per cent for villas for the year.

This was the fourth consecutive quarter increase in house prices during the year. Apartment rents went up 20 per cent while villa rents increased 17 per cent year-on-year, the report said.